Volkswagen AG to List Porsche Automaker
Volkswagen AG will stick to its plan to list its Porsche sports-car maker later this year as Europe’s largest carmaker looks to finance its pivot toward electric vehicles (EVs).
VW will go ahead with its initial public offering in the fourth quarter because the unit has proven resilient over the years to market disruptions including the recent supply-chain turmoil, reported Chief Financial Officer Arno Antlitz at the Future of Finance summit in Frankfurt.
VW is bullish on the listing in a market where IPOs globally have slowed. Abb Ltd. announced it will postpone the $750 million listing of its EV charging business until the market improves.
The Porsche listing is positioned to be one of Germany’s biggest-ever IPOs; one that values the business at as much as 90 billion euros ($95 billion), according to a March Bloomberg article.
VW is making investments in the development and production of EVs to rival industry leader, Tesla. The company plans to build up 240 gigawatt-hours of cell-making capacity across six factories in Europe.
Volkswagen remains open to IPO its battery unit as well. The company initially financed it internally and invited in strategic partners. But Antlitz said the company set up this business unit in a way that would facilitate a potential listing next year or in 2024.